Internet greets Facebook's IPO price with glee, skepticism

•   Friends may be priceless. But 'friending' is worth $38 a share.
• That's what Facebook set as the initial price when its stock begins trading on Wall Street Friday morning. That's at the top end of the range analysts were expecting and gives the company a valuation of roughly $104 billion.
• "A $104 billion market capitalization puts Facebook at more than 100 times its trailing earnings," wrote John Constine and Kim-Mai Cutler for technology blog TechCrunch. "That's a big multiple to live up to, and it will likely need to add bold new revenue streams to justify the mammoth valuation."
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